Living in Turkey means treating yourself to splendid scenery, surrounding yourself with beautiful views, munching on delicious food, and being welcomed by warm neighbors. Turkish people live a vibrant and quality lifestyle as compared to the residents of many other countries. Also, Turkey is a country of significant geostrategic importance since it lies on the cross borders of Europe and Asia. With all these positives, who wouldn’t wish to settle down in Turkey which is a Eurasian country? Not to mention, with the latest citizenship programs, entering Turkey is no more a struggle. And most importantly, the business opportunities a foreign has here are just terrific, and investing in Turkey is profitable.
Stages for Turkish citizenship by cash deposit in the bank;
- Getting tax number
- Opening investment account
- Deposit money in the bank
- Application for certificate of conformity
- Application residency
- Application for Turkish citizenship
- Application for Turkish ID Card and passport
According to the amended Regulation Regarding Application of the Turkish Citizenship Code, foreigners have a number of investment options to become eligible to acquire Turkish Citizenship for themselves as well as their families. The applicant’s spouse and children who are less than 18 years old will also be granted Turkish citizenship with proceeding with one of the mentioned investment options once the required conditions are duly met. One of these investment options is a bank deposit.
Stages of Turkish Citizenship with Bank Deposit
Turkish citizenship with bank deposits can be examined in 7 stages.
Stage 1: Get the Tax Number
The first stage in acquiring Turkish citizenship with bank deposits is getting the tax number. The tax number is the essential ID number for each registration and financial transaction in Turkey. A tax identification number is a ten-digit number assigned to special for everyone. Foreigners should have a tax number for opening a bank account, buying a property, subscribing to utility services, issuing insurance, getting health services, doing notarial processes, and applying for residence permits. The tax registration number can be obtained from the interactive tax office’s website or any tax office in Turkey. Documents required for getting tax numbers are passport details and the mother and father's names.
Stage 2: Open Investment Account
The second stage in acquiring Turkish citizenship with bank deposits is opening an investment account. Foreign should have a bank account. Documents required for opening a bank account are a passport, an official tax registration document with a Turkish address declaration, and depositing 15.000 TL or in equivalence of USD for 6 months
Stage 3: Deposit Money in Bank
The third stage in acquiring Turkish citizenship with bank deposits is depositing money in a bank. The amount to be deposited might be either 500,000 US dollars or the equivalent in Turkish liras, as well as any convertible foreign exchange determined by the Central Bank of the Republic of Turkey, or precious metals, which is equivalent to the amount required by the regulation. It is acceptable as long as the amount is convertible and equivalent to 500,000 US dollars.
The amount deposited in a Turkish bank will be blocked for 3 years at the applicant’s request. However, this is not a blockade that makes the amount unavailable to be requested by the owner. As soon as the amount is withdrawn by the owner or it is fallen away (under 500.000 USD), the bank will report the situation to the BRSA, and the BRSA will immediately inform the Ministry of Internal Affairs of Turkiye to initiate the cancellation process for citizenship.
The total amount can be sent from abroad or declared money that is already in Turkiye. The important point is that money should be eligible for international and national monitoring rules that are related to counter-terrorism and money laundering rules.
Stage 4: Application For Certificate of Conformity
The fourth stage in acquiring Turkish citizenship with bank deposits is the application for a certificate of conformity. Documents that need to be signed by an investor or proxy following the bank account opening process;
- Written Contract
- Order to Block
- Letter of Consent
- Passport
The bank shall submit the documents to BRSA with the bank's signature. BRSA shall notify the General Directorate of Population and Citizenship Affairs and the Directorate General of Migration Management in writing of proof of the application with the requirements specified in the Regulation and shall send it to the online bank in order to provide the relevant applicant with information.
The bank shall share this written document with the customer. The customer can submit his/her application to the General Directorate of Population and Citizenship Affairs and the Directorate General of Migration Management together with BRSA proof in person or by proxy.
Stage 5: Application for Residency
- Notary-certified translations of passports
- Certificate of Conformity
- Two biometric pictures and one jpeg version (50×60 mm and white background)
- Valid health insurance (Insurance period must cover the intended residence permit duration)
- Residence permit payment receipt by the tax office
- Investor’s passport visa page (if any)
Stage 6: Application for Turkish Citizenship
The sixth stage in acquiring Turkish citizenship with bank deposits is the application for Turkish citizenship. You can be a Turkish citizen with the condition that you can take back all investments along with legal revenues 3 years later. The Turkish citizenship process will take approximately 3-4 months after lodging a citizenship application. Investors do not need to renounce their existing citizenship. Turkey recognizes dual citizenship regardless of the number of “second civil passports” that the foreign applicant has. Investors can sell or withdraw investment amounts at the end of 3 year period. Investors’ Turkish citizenship will remain for a lifetime and their children will be born as Turkish citizens.
Documents Required for the Citizenship Application:
- Scanned copies of the passports of all applicants
- It is sufficient for applicants to submit one of the documents listed below, including their date of birth, place of birth, and parent's names -Family registration document -Birth certificate (If the family registration form can’t be obtained)
- Marital status certificate/ Marriage certificate/ Single certificate/ Divorce certificate/ Death certificate of spouse
- 6 photos for each adult applicant, 2 photos for each child applicant (Biometric photo,50x60mm, white background, identified, and one jpeg photo of applicants.)
- Visa page of the investor (if any)
Stage 7: Application for Turkish ID Card and Passport
The seventh and final stage in acquiring Turkish citizenship with bank deposits is the application for a Turkish ID card and passport. An investor can obtain his/her Turkish ID card and passport through the Provincial Directorate of Census and Citizenship of the settlement in Turkey if the applicant has any settlement address in Turkey. Also, applicants can obtain their identity cards and Turkish passports through the Turkish embassy where they live by registering their fingerprints.
Details on Turkish Citizenship by Bank Deposit
Foreigners should deposit a minimum of $500,000 or an equivalent amount in foreign currency or Turkish Liras to banks that operate in Turkey with the condition of such deposits remain at such banks for at least three years. The amount should be convertible and equivalent to $500,000.
It's not required that such an amount be deposited with only one single bank that operates in Turkey. In this context, the foreigners may deposit money in more than one bank operating in Turkey with the condition to keep such deposit at the such bank for at least three years and the total deposited amounts should be equal to $500,000.
It's essential to deposit such amounts to banks that operate in Turkey. Thus, it is not possible to assume an amount as convenient for the Turkish citizenship application which is deposited to a bank abroad even if it is a branch office or association of Turkish Bank. The foreigners shall also apply for Turkish citizenship based on a joint account (with his/her spouse or any other person) provided that joint account holders other than the applicant have express consent that they keep such deposit at the bank for at least three years.
Things to Know About Obtaining Turkish Citizenship By Bank Deposit
It is possible to change the currency or type of investment that is mentioned in the regulation (such as purchasing a real estate investment fund share or capital investment trust fund share with a minimum value of $500.000). But, in the case of shifting the amount to another investment type, such a process should be instantaneous and there should not be any interruption for three years period. Otherwise, the BRA will promptly inform the Ministry of Internal Affairs regarding such an interruption.
Also, in such a three-year period, foreigners may benefit from the interest, dividend, and similar returns arising from the deposited amount according to executed contracts with banks and the type of bank account provided. The deposited amount should not fall below the amount of $500.000.
If a currency other than the U.S. dollar is deposited in the Turkish banks, the U.S. Dollar equivalent at the date of the opening of the account shall be determined. And the deposited amount shall be expected to remain in the banks at the same rate determined for three years.
Therefore, potential alterations in exchange rates should not be considered. Besides, there should not be any restrictions on the deposit account, such as sequestration or any other legal limitations. If there is any restriction, the circumstance will be announced to the Ministry of Internal Affairs.
Benefits of the Turkish Citizenship by Deposit Bank
There are many benefits of Turkish citizenship by bank deposit. Some of the benefits are enlisted below.
- Living, working, and studying in Turkey freely
- A quick and easy path to citizenship
- Family reunification
- Easy Schengen visa
- Easy access to E2 Visa
- Dual citizenship
- Profitable investment
- Visa Free Travel
Live, Work, and Study in Turkey Freely
Turkish citizenship by bank deposit gives you and your family the right to live, work, and study in Turkey. For example, you can generate income from your real estate property, or perhaps by renting it out. Moreover, if you are planning to move with your family, you can relieve the stress about your children’s education process. Because the visa is granted to the whole family, you and the children can access the education system and the Turkish high-standard lifestyle.
Quick Path to Turkish Citizenship
Turkish citizenship by bank deposit is the quickest route to obtaining Turkish citizenship. After you deposit $500,000 in the bank, you are entitled to get your Turkish passport in less than four months from submitting the application.
Family Reunification
The applicants for Turkish investment citizenship are free to bring their spouse, children (dependent, below 18), and parents along with them. Also, all the members can access free healthcare facilities like the local Turkish people.
Easy Schengen Visa
Turkish citizenship holders can apply for a Schengen visa without much hassle, as long as they can provide sufficient documents. Besides, many other countries are having bilateral agreements with the country to allow visa-free travel. These include Hong Kong, Singapore, Japan, Mexico, South Korea, and almost all of Latin America.
E2 in the US
Getting citizenship in Turkey is a great opportunity for those who can’t apply for an E2 Visa through their original citizenship, such as India and China. E2 Visa applications are open to citizens of countries that have trade treaties with the US. Turkey citizens are eligible, and you can easily apply for an E-2 investor visa with your Turkish citizenship.
No Residency or Language Requirements
There is no fixed time for people to stay in Turkey before or after the citizenship by investment in Turkey route has been completed. Moreover, even if you are not familiar with the local Turkish language, there is no harm in going.
Dual Citizenship Rights
Turkey allows dual citizenship, which means that you don’t have to give up on your nationality to acquire a Turkish passport, and this is a huge benefit for many investors who have commitments in their home country.
Profitable Investment
Unlike some other citizenship-by-investment procedures, Turkey doesn’t require a donation in exchange for a passport. Instead, it offers different investment routes that are very promising and profitable.
Visa Free Travel
When you obtain your Turkish passport, you can travel to around 100-110 countries without the need for a visa, visa on arrival, or an Electronic Travel Authorization.
Which Banks are Suitable for Turkish Citizenship By Bank Deposit?
The mentioned amount must be deposited in a bank established in the Republic of Turkey. So, it is not possible for the amounts deposited to a foreign bank branch, subsidiary, or representative office of a bank operating in Turkey to be accepted as a basis for a citizenship application.
For accounts opened collectively in a bank operating in the Republic of Turkey (for example, an account opened with the spouse of the foreigner), if the partner, other than the person applying for citizenship, has consented that the account will not be withdrawn from the bank for 3 (three) years and will not be reduced, it will be possible to apply for Turkish citizenship with a collective account.
In addition to the question of which bank is suitable for Turkish citizenship by bank deposit, who is suitable for this also creates an important question mark. In this case, real persons who open an account in banks operating within the borders of the Republic of Turkey and deposit 500,000 USD in the bank, provided that they keep the account for 3 years, can apply for citizenship. In this way, besides the person applying for citizenship, his spouse and children under the age of 18 can apply for citizenship with the deposit account deposited in the same bank account. Additionally, the investment must be approved by the Banking Regulation and Supervision Agency.
Other Ways for Turkish Citizenship
With its innovations, Turkey has made it easier to grant Turkish citizenship.
The ways to get Turkish citizenship are:
- Turkish Citizenship by Investment
- Company Registration in Turkey & Work Permit (5 years)
- Citizenship by Birth
- Citizenship by Marriage
There are six ways to obtain Turkish citizenship by investment:
- Turkish citizenship by the investment of 400.000 USD property
- Making a fixed capital investment worth a minimum of $500.000
- Employing at least 50 people
- A minimum of 500 thousand Dollars of deposits in banks operating in Turkey Condition: Deposit can not be withdrawn from the bank for 3 years.
- A minimum amount of 500,000 USD in government debt be purchased Condition: Government debt securities must be kept for 3 years.
- A real estate investment fund share or venture capital investment fund share worth a minimum of 500 thousand Dollars be purchased. Condition: Participation shares must be kept for 3 years.
Conclusion About Turkish Citizenship By Bank Deposit
Due to its pleasant climate, modern urban and national infrastructure, strong family culture, and large economy, Turkey is one of the most preferred countries for immigrants. Many foreigners from European and American countries are surprised by their living standards when they move to Turkey. For those who want to live freely in Turkey and benefit from the power of the Turkish passport, obtaining Turkish citizenship through a bank deposit is the easiest way. Your life will change completely after you and your family get Turkish citizenship!
